Bill > HR1046

This bill, the Social Security Expansion Act, aims to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. Key provisions include: - Increasing the first bend point percentage in the Social Security benefit formula from 90% to 95%, resulting in higher monthly benefits. - Adjusting the bend point amounts to provide a 22% increase in benefits for individuals eligible for benefits in 2024 or later. - Changing the cost-of-living adjustment to use the Consumer Price Index for Elderly Consumers (CPI-E), which better reflects the spending patterns of older Americans. - Establishing a minimum benefit for lifetime low earners based on years in the workforce, with the minimum increasing for those with more years of work. - Extending benefit eligibility for children who are full-time students up to age 22. - Increasing payroll taxes on remuneration above the Social Security contribution and benefit base (currently $147,000) up to $250,000, as well as increasing taxes on net earnings from self-employment and investment gains. - Consolidating the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund into a single Social Security Trust Fund.

Budget and Finance, Labor and Employment

https://www.congress.gov/bill/118th-congress/house-bill/1046/all-info